Banking sector to hold 7-day inua biashara summit for MSMEs

The event will be followed by a three-day virtual trade show.

In Summary

•The Inua Biashara Virtual Tradeshow is an innovative platform that allows banks to showcase their offering to SMEs in a contactless manner, mindful of the current pandemic.

•Anne Mutahi, the SME Advisor to the President of Kenya, will officially open the Inua Biashara Virtual Trade Show on Thursday, June 24th.

Kenya's new bank notes.
Kenya's new bank notes.
Image: ENOS TECHE

The Kenya banking industry under the umbrella of the Kenya Bankers Association will host the second Inua Biashara Summit for micro, small and medium-sized enterprises from the 22nd to 29th June.

Ten high-level speakers from the public and private sector are confirmed to engage MSMEs from across the country during the week-long virtual Summit.

This will set the stage for the industry to celebrate the resilience of businesses as the world marks the International Day of MSMEs on 27th June. 

The Summit will kick off with the launch of a novel Blended Finance partnership jointly developed by KBA, Financial Sector Deepening Kenya, and the Kenya Climate Innovation Center on Tuesday, June 22nd

The event will be followed by a three-day virtual trade show that will enable banks to showcase their products and services to customers through digital engagement booths.

The Inua Biashara Virtual Tradeshow is an innovative platform that allows banks to showcase their offering to SMEs in a contactless manner, mindful of the current pandemic.

Anne Mutahi, the SME Advisor to the President of Kenya, will officially open the Inua Biashara Virtual Trade Show on Thursday, June 24th.

The occasion will be a build-up to the Inua Biashara Event set for June 25th and officiated by Hon. Eric Wafukho, Chief Administrative Secretary (CAS) National Treasury and Planning, Ms. Rebbecca Mbithi, CEO, Family Bank, and Dr. Habil Olaka, CEO, KBA.

 On the same day, banks will participate in a Movable Assets Registry Training Workshop. 

The Workshop will seek to promote uptake of the registry which was introduced by the Government to facilitate access to finance for SMEs with non-conventional collateral. 

The week-long activities will culminate on Tuesday, June 29 with the release of the 2021 KBA MSME Survey Report that has been undertaken by the KBA Center for Research and Policy jointly with the Japan International Corporation Agency (JICA).

KBA Chief Executive Officer Habil Olaka, said banks are working closely with the National Treasury and the Central Bank of Kenya to accelerate MSME access to credit during this disruptive pandemic period.

“We believe MSME recovery and resilience can be catalysed by their ability to borrow from financial intermediaries at affordable interest rates with low collateral requirements," he said.